Whatever sector you work in, you should have a strategic plan in place that tells you where your business is going.
How do you decide in which direction to steer the ship? You probably use historical trends, your own expertise and knowledge of your market and sector, and a certain amount of risk, to make what amounts to an informed guess.
Before we had Big Data, this is how all businesses operated. The most successful businesses were the ones that made the best guesses.
Thankfully, those days are over. Big Data takes care of compiling the numbers so you can spend your time using it to inform productivity and efficiency improvements.
Can Big Data Improve Productivity In Every Business?
In a word, yes.
As one of the most important sayings in business goes, if you can’t measure it, you can’t improve it. So it follows that the more you measure, the more you improve.
With Big Data, business decision-making becomes agile and responsive, adapting quickly to changes in supply, demand and global changes in the business environment. Big Data provides more accurate forecasts and increases the value of advice your finance team provides to your business.
Big Data provides insights for scenario planning, allowing finance departments to synthesise historical financial information and uncover trends to see where your business is going.
It can make use of real-time financial data to gain deep insights into customer behaviour.
Looking for a smarter way to do sales forecasts? Rather than just measuring sales last month and a year ago to predict similar growth in the following month, you can add sentiment analysis from Twitter and data from Google trends to find out what products people are talking about and searching for. Find correlations between internal and external data and you can use the result to make better predictions.
Big Data has the potential to provide so much value, but do you have the time to take masses and masses of information and turn it into cost-savings and profit-driving innovations? How do you avoid being overwhelmed by numbers?
Translating Big Data into Big Savings
That’s where Sage Business Cloud Enterprise Management and CPiO come in. When we help our clients to implement Big Data solutions such as Enterprise Management, we help them to understand and execute real change in their business too.
Many organisations lack the time and resources to gather information about their suppliers, business units and teams externally and internally. Others gather information but find it difficult to analyse and use the data to predict the best sources of funding over the coming months and years. Enterprise Management takes care of compiling the data so you can spend time interpreting and implementing real change.
We’ll help you to set up dashboards so you can develop, report and share critical information throughout your business, allowing anyone to contribute innovative ideas to the organisation’s future.
At CPiO we help organisations make the right decisions about business management software, at a fraction of the cost and complexity of alternatives on the market – you can get in touch with us here.